U.S. stocks rose for a third straight week, sending the Standard & Poor’s 500 Index to a record, as earnings beat estimates and weak economic data fueled speculation the Federal Reserve will delay reducing stimulus.
Amazon.com Inc. jumped 10 percent as sales exceeded projections. Boeing Co. climbed 7.1 percent after boosting its full-year earnings estimate. Corning Inc. gained 16 percent as it approved a $2 billion buyback. Caterpillar Inc. slid 2.9 percent after cutting its forecast amid a slump in orders from commodity producers. Coach Inc. sank 7.4 percent as stiffer competition curtailed North American handbag sales.
The S&P 500 gained 0.9 percent to 1759.77 over the five days. The benchmark index has advanced 4.7 percent in October, heading for the biggest monthly rise since July. The Dow Jones Industrial Average advanced 170.63 points, or 1.1 percent, to 15,570.28. The gauge is 0.7 percent below its all-time high.
“Investors are getting a little more comfortable in the marketplace,” John Manley, chief equity strategist for Wells Fargo Funds Management in New York, said. “Earnings were supposed to start going down two years ago, and yet again they’re okay.”
The Treasury will sell $34 billion in three-month bills and $30 billion in six-month bills on Oct. 28. They yielded 0.045 percent and 0.075 percent, respectively, in when-issued trading.
The Treasury will also sell $32 billion in two-year bills on Oct. 28, $35 billion in five-year notes the following day and $29 billion in seven-year notes on Oct. 30.
— Bloomberg News